NCUA awarded $3.1 million in Community Development Revolving Loan Fund grants to 142 low-income and minority depository institutions.
“For 2023, Congress provided more funding and allowed MDI-designated credit unions to qualify for CDRLF grants, enabling the NCUA to provide greater support to more institutions,” NCUA Chairman Todd M. Harper said. “These grants have a track record of success. Qualifying low-income and MDI-designated credit unions use these needed funds to create innovative products, provide financial education, and broaden access to safe, fair, and affordable financial products and services. This expands opportunity and assists members and communities nationwide in building financial security.”
The NCUA awarded grants ranging from $1,000 to $50,000 to credit unions in 40 states and the District of Columbia. Forty-two awardees were MDIs, and 23 were first-time applicants. The NCUA made awards in five categories:
- Underserved Outreach: 26 grants totaling $1,265,000
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